Master broker Promise Solutions has reported a 200% increase in new business in its commercial department.
Promise’s managing director Steve Walker (pictured) said the growth in business levels comes alongside an increase in the average loan size with multi million pound bridging loans now becoming the norm and development loans now reaching £50m to £200m.
He said: “The growth in our bridging and commercial business has been phenomenal and shows no sign of slowing down. We have strengthened our commercial department of late with key appointments, including Marc Biddle as commercial manager, and the experience of the team has helped us to become the natural home of large commercial deals. Brokers know where to turn when looking for multi-million pound loans.
“With key regulatory changes on the horizon, brokers are starting to see the benefit of working with a firm that has expertise in a whole range of blended solutions. Enquiries which brokers may have turned down in the past for fear of them being too complex are now being referred to us.
“Bridging, commercial and development are so entwined it makes sense to consider them as one set of products and working with a firm like Promise which offers them all can help brokers to find the most suitable solution for their clients with ease.”